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Modipon Ltd.

BSE: 503776 Sector: Infrastructure
NSE: MODIPON ISIN Code: INE170C01019
BSE 13:16 | 28 Oct 34.45 -0.50
(-1.43%)
OPEN

38.20

HIGH

38.20

LOW

31.50

NSE 05:30 | 01 Jan Modipon Ltd
OPEN 38.20
PREVIOUS CLOSE 34.95
VOLUME 860
52-Week high 42.00
52-Week low 17.15
P/E 21.40
Mkt Cap.(Rs cr) 40
Buy Price 32.40
Buy Qty 8.00
Sell Price 34.35
Sell Qty 2.00
OPEN 38.20
CLOSE 34.95
VOLUME 860
52-Week high 42.00
52-Week low 17.15
P/E 21.40
Mkt Cap.(Rs cr) 40
Buy Price 32.40
Buy Qty 8.00
Sell Price 34.35
Sell Qty 2.00

Modipon Ltd. (MODIPON) - Director Report

Company director report

To the Shareholders

Your Directors have pleasure in presenting the 53rd Annual Report with AuditedFinancial Statements for the financial year ended 31st March 2020.

FINANCIAL HIGHLIGHTS

FINANCIAL HIGHLIGHTS 2019-20 $ Lacs 2018-19 $ Lacs
Turnover - -
Other Income 0.10 5.77
Gross Profit (Loss) before Dep. (314.52) (493.87)
Depreciation 0.71 1.48
Profity(Loss) after Depreciation (315.23) (495.35)
Add/(Less) Exceptional Income/ (Losses) 230.71 (300.20)
Profit (Loss) before Tax (84.52) (795.55)
Less/ (Add) :
Provision for Taxation- Fringe Benefit Tax - -
Extra Ordinary item Taxes for earlier Year - -
Net Profity(Loss) after Tax (84.52) (795.55)

CLOSURE OF MANUFACTURING OPERATIONS

As reported earlier the factory of the Company had been permanently closed down afterseeking requisite permission from Government of Uttar Pradesh under the provisions of theUttar Pradesh Industrial Disputes Act 1947. The Company is now exploring to develop theMedicity project in the Modinagar so as to have optimal utilization of its real estate andthe application is pending with the Government for approvals.

CURRENT STATUS OF OPERATIONS

Since the Company owns substantial real estate in its Endeavour to rehabilitate theCompany and to tap its resources to augment finances so as to be able to liquidate itshuge liabilities and to utilize the surplus for taking up new business activity in theCompany as authorized by the Memorandum of Association of the Company the Board ofDirectors of the Company has taken on record some new project i.e. Medicity. The Companyproposes to commence new project at an opportune time with the due approvals of the UPGovernment.

BOARD MEETINGS

The Board of Directors met 4 (Four) times during the period from 1st April2019 to 31st March 2020. The Directors met on 23rd May 2019 07th August2019 14th November 2019 and 14th February 2020.

DIVIDEND

In view of the Losses suffered by the Company in the past your Directors are unable torecommend any Dividend on Equity Share Capital.

OPERATIONS

During the year under review the Company had not earned any revenue from theoperations and has reported a loss after tax of Rs. (84.52) lacs after taking into accountexceptional losses.

SHARE CAPITAL

As on March 31 2020 the Authorized Share Capital of the Company was Rs.250000000and having issued & paid up share capital of the Company was Rs. 122946090consisting of 11576689 equity shares of Rs.10/- each and 71792 preference shares ofRs. 100 each.

DIRECTORS & KEY MANAGERIAL PERSONNEL

As on 31st March 2020 the Board of Directors of the Company consist of:-

S. No. Directors Name Designation
1. Mr. Manish Modi Executive Director Chairperson MD
2. Mrs. Aditee Modi Non-Executive - Non-Independent Director
3. Mr. Anil Garg Nominee Director
4. Mr. Shashi Kant Ranjan Non-Executive - Independent Director
5. Mr. Vivek Gupta* Non-Executive - Independent Director

During the Financial year 2019-20 the Company there has been certain change in theBoard of Directors of the Company.

S. Name of Director No. Category Date of Appointment/ Cessation
1. Sh. Mahendra Kumar Modi Non-Executive - Non Independent Director Cessation on 19.08.2019
2. Sh. Ranvir Prasad Nominee Director Cessation on 07.08.2019
3. Sh. Sanjay Prasad Nominee Director Appointment on 07.08.2019
4. Sh. Vivek Gupta Independent Director Re-appointed on 27.09.2019
5. Sh. Anil Garg Nominee Director Appointed on 14.02.2020
6. Sh. Sanjay Prasad Nominee Director Cessation on 14.02.2020
7. Sh. Vivek Gupta Independent Director Cessation on 27.02.2020

Further after the closure of Financial Year till date Smt. Kavita Rani Appointed asNon-Executive Independent Director on the board of the Company on 31st July2020 and Sh. Mayur Maheshwari was appointed as the nominee director on the board in placeof Sh. Anil Garg on 15.09.2020.

KEY MANAGERIAL PERSONNEL

In pursuance of requirement of Section 203 of the Companies Act 2013 Mr. Manish ModiChairman & Managing Director Mr. Vineet Kumar Thareja Company Secretary &Compliance officer were designated as Key Managerial Personnel of the Company.

DECLARATION FROM INDEPENDENT DIRECTORS ON ANNUAL BASIS

As required under Section 149(7) all the Independent Directors on the Board of theCompany have issued their annual declaration stating that they meet all the criteria ofindependence as required under the Act.

STOCK EXCHANGE LISTING

The Securities of the Company are listed with the Bombay Stock Exchange.

COMMITTEES OF THE COMPANY

A. AUDIT COMMITTEE

In compliance with Section 177 of the Companies Act 2013 and Regulation 18 of SEBI(Listing Obligations and Disclosures Requirements) Regulations 2015 as on 31stMarch 2020 the Audit Committee consist of :

S. Name of Director No. Designation
1. Mr. Shashi Kant Ranjan Non-Executive-Independent Director Chairperson
2. Ms. Aditee Modi Non-Executive - NonIndependent Director Member
3. Mr. Anil Garg Nominee Director
4. Mr. Vivek Gupta* Non-Executive- Independent Director Chairperson

The said Committee met on 23rd May 2019 07th August 2019 14th November 2019 and14th February 2020.

Note: *Sh. Vivek Gupta- Independent Director has resigned from the post on 27.02.2020with immediate effect. Smt. Kavita Rani has been appointed as Non-Executive IndependentDirector on the board of the Company on 31st July 2020.

During the Financial Year 2019-20 the Company there has been certain change in theComposition of the Audit Committee of the Company.

S. Name of Director No Category Date of Appointment/ Cessation
Sh. Mahendra Kumar Modi Non-Executive - Non Independent Director Cessation on 19.08.2019
Sh. Ranvir Prasad Non-Executive - Independent Director Cessation on 07.08.2019
Sh. Sanjay Prasad Non-Executive - Independent Director Appointment on 07.08.2019
Ms. Aditee Modi Non-Executive Director Appointment on 14.11.2019
Sh. Anil Garg Nominee Director Appointed on 14.02.2020
Sh. Sanjay Prasad Nominee Director Cessation on 14.02.2020
Sh. Vivek Gupta Independent Director Cessation on 27.02.2020

There were no occasions during the year where the Board of Directors did not accept therecommendations of the Audit Committee. Further as on date the composition of AuditCommittee is in compliance with Section 177 of the Companies Act 2013 and Regulation 18of SEBI (Listing Obligations and Disclosures Requirements) Regulations 2015.

B. NOMINATION AND REMUNERATION COMMITTEE

In compliance with Section 178(1) and Regulation 19 of SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 as on 31st March 2020 theNomination & Remuneration Committee consist of two Directors out of which one isIndependent Director and one is Non-executive Director. Mr. Shashi Kant Ranjan is theChairman and Mrs. Aditee Modi is the Members of the said Committee. Mr. VivekGupta-Independent Director has resigned from the committee on 27.02.2020 with immediateeffect. The company has appointed Ms. Kavita Rani -Independent Director w.e.f. 31.07.2020.

The said Committee met on 07th August 2019.

During the Financial Year 2019-20 the Company there has been certain change in theComposition of the Nomination and Remuneration Committee of the Company.

S. No Name of Director Category Date of Appointment/ Cessation
Ms. Aditee Modi Non-Executive Director Appointment on 07.08.2019
Sh. Mahendra Kumar Modi Non-Executive - Non Independent Director Cessation on 19.08.2019
Sh. Vivek Gupta Independent Director Cessation on 27.02.2020

The said Committee laid down the Policy on Remuneration stating therein the positiveattributes required for the Managing Director Independent Directors and Key ManagerialPersonnel. The said policy also states the modus operandi for determining the remunerationto the above said personnel. The Policy on remuneration of the Company can be viewed onthe Company's website www.modipon.net.

Further as on date the composition of Nomination and Remuneration Committee is incompliance with Section 177 of the Companies Act 2013 and Regulation 18 of SEBI (ListingObligations and Disclosures Requirements) Regulations 2015.

C. STAKEHOLDERS' RELATIONSHIP COMMITTEE

In compliance with Section 178(1) and Regulation 19 of SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 as on 31st March 2020 thestakeholder's relationship committee consist of two Directors out of which one isIndependent Director and one is Non-executive Director. Mr. Shashi Kant Ranjan is theChairman and Mrs. Aditee Modi is the Members of the said Committee. Mr. VivekGupta-Independent Director has resigned from the committee on 27.02.2020 with immediateeffect. The company has appointed Ms. Kavita Rani -Independent Director w.e.f. 31.07.2020as a member of the committee.

The said Committee met on 14.11.2019.

During the Financial Year 2019-20 the Company there has been certain change in theComposition of the Nomination and Remuneration Committee of the Company.

S. Name of Director No Category Date of Appointment/ Cessation
Ms. Aditee Modi Non-Executive Director Appointment on 07.08.2019
Sh. Mahendra Kumar Modi Non-Executive - Non Independent Director Cessation on 19.08.2019
Sh. Vivek Gupta Independent Director Cessation on 27.02.2020

Further as on date the composition of Stakeholders Relationship Committee is incompliance with Section 177 of the Companies Act 2013 and Regulation 18 of SEBI (ListingObligations and Disclosures Requirements) Regulations 2015.

D. RISK MANAGEMENT COMMITTEE

The Company has also constituted a Risk Management Committee consisting of Mr. ManishModi as Chairman and Mrs. Aditee Modi and Mr. Shashi Kant Ranjan as members and Mr. VineetKumar Thareja is the Secretary of the Committee.

During the year 2019-20 Dr. M. K. Modi has resigned from the Board w.e.f. 19.08.2019and Mr. Vivek Gupta resigned from the Board w.e.f. 27.02.2020. Mrs. Aditee Modi and Mr.Shashi Kant Ranjan has been appointed.

The said Committee laid down the Policy on Risk Management stating therein theobjectives and purpose of the said policy. The main objective of this policy is to ensuresustainable business growth with stability and to promote a pro-active approach inreporting evaluating and resolving those risks which are material in nature and areassociated with the business. In order to achieve the key objective the policyestablishes a structured and disciplined approach to Risk Management in order to guidedecisions on material risk related issues.

RISK MANAGEMENT POLICY

The Risk Management Policy of the Company can be viewed on the Company's websitewww.modipon.net.

VIGIL MECHANISM

In compliance with Section 177 (9) of the Companies Act 2013 and Regulation 22 of SEBI(Listing obligations and Disclosures Requirements) Regulations 2015 the Company hasframed a whistleblower policy which can be viewed on Company's website www.modipon.net. Interms of the said policy the Directors and employees are given direct access to theChairman of the Audit Committee to report on alleged wrongdoings.

EXPORTS

On account of closure of the manufacturing operations of the Company there has notbeen any export during the year. The FOB value of exports during the previous financialyear was nil.

WHISTLE BLOWER POLICY

The Company has a Whistle Blower Policy including vigil mechanism to report genuineconcerns of grievances providing direct access to the Chairperson of the Audit Committeein appropriate and exceptional cases. The Whistle Blower Policy has been posted on thewebsite of the Company www.modipon.net.

INTERNAL FINANCIAL CONTROL

The Company has appointed last year M/s Shashi Kant & Associates as the internalauditor of the Company.

NOMINATION & REMUNERATION POLICY

Nomination & Remuneration Policy of the company as formulated and approved byNomination and Remuneration Committee in its meeting held on 1st August 2015governs Directors' appointment including criteria for determining their qualificationspositive attributes their independence and remuneration for the Directors KMPs and otheremployees. The policy is attached as Annexure 1. The Nomination and Remuneration Policy isposted on Company's website www.modipon.net.

PARTICULARS OF LOAN GUARANTEES OR INVESTMENTS

Details of loan(s) guarantee and investments are given in the notes to FinancialStatements.

AMOUNT IF ANY PROPOSED TO BE TRANSFERRED TO RESERVES:

During the year under review the Company has not transferred any money towards GeneralReserve.

PERSONNEL

Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules2014 is applicable on listed companies.

The Company has 5 (Five) No. of employee as on 31.03.2020.

Subsequent to the closure of the Manufacturing Operations of the Company all issues ofex-workmen/employees have been amicably resolved. The total dues of theseworkmen/employees (other than 5 workmen who have not yet collected their payment) havebeen paid. These 5 ex-workmen/employees had approached DRT-II New Delhi seeking order forpayment of dues in excess of the legal dues as paid to the other workmen/ employees.Hon'ble DRT had directed them to approach the Labour Commissioner for adjudication oftheir dues. None has approached the Labour Commissioner as directed by DRT. However asdirected by DRT the Company had deposited the amount payable to them with DRT which inthe absence of any claim by these workmen has been released by DRT to PNB.

Details as required pursuant to MCA Notification G.S.R. 646(E) dated 30thJune 2016 Rule 5(2) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 none of the employee was in receipt of remuneration of Rs. OneCrore and Two Lacs or more per year throughout the year or Rs. Eight Lacs and FiftyThousand per month for the part of the year.

Further none of the employees holds by himself or along with his spouse and dependentchildren not less than 2% of equity shares of the Company.

It is hereby affirmed that the remuneration paid is as per the Remuneration Policy ofthe Company.

Particulars about Key Managerial Personnel

a. Pursuant to the Rule 5(1) Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 the information required to be disclosed by every Listed Companiesin its Board Report are as follows:-

Name of Director/ KMP and Designation Remuneration of Directors/ KMPs for FY 2019-20 % increase in remuneration in FY 2019-20 Ratio of Remuneration to the median remuneration of employee
Mr. Manish Kumar Modi - Managing Director
Mr. Vineet Kumar Thareja - Company Secretary * 1300000
Mr. Kamala Kant Tripathi -Chief Financial Officer** 834000

* Remuneration paid to him includes bonus and medical reimbursement.

** Mr. Kamala Kant Tripathi has resigned from the post of the CFO.

b. The Median remuneration (based on salary) of employees of the Company during thefinancial year 2019-20 was Rs. 350000/-.

c. The percentage increase in the median remuneration (based on salary) of employees inthe financial year 2019-20 was NIL. As the total salary has been paid less as compare tothe previous year.

d. Average percentile increases already made in the salaries of employees other thanthe managerial personnel in the last financial year and its comparison with the percentileincrease in the managerial remuneration and justification thereof and point out if thereare any exceptional circumstances for increase in the managerial remuneration:

Since Company is a non-operational company and in view of losses nominal increase wasmade in the managerial remuneration while the remuneration of Managing Director is NIL.

e. It is hereby affirmed that the remuneration paid is as per the Remuneration Policyof the Company.

FIXED DEPOSITS

At the beginning of the financial year the balance on account of Fixed Depositsaccepted from the Public and Members stood at Rs. Nil. There was no deposit liable to betransferred to the credit of Investors' Education and Protection Fund.

The Company has not accepted any deposits during the year as envisaged under Sections73 74 & 76 of the Companies Act 2013.

MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING FINANCIAL POSITION OF THE COMPANYFROM THE END OF FINANCIAL YEAR AND TILL THE DATE OF THIS REPORT:

There has been no material change and commitment affecting the financial performanceof the Company occurred between the end of the Financial Year of the Company to which theFinancial Statements relate and the date of this Report.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION FOREIGN EXCHANGE EARNINGS AND OUTGO

In view of the permanent closure of the Manufacturing Operations provisions relatingto furnishing of the details of (i) Conservation of Energy (ii) Research &Development and Technology Absorption and (iii) Foreign Exchange Earning and Outgo inaccordance with the Companies (Disclosure of Particulars in the Report of the Board ofDirectors) Rules 1988 are not applicable.

AUDITORS AND AUDIT REPORT

M/s B.M. Chatrath & Co. Chartered Accountants Noida (Firm Regn. No.301011E) wereAppointed as the statutory auditors for a period of Five (5) years in the Annual GeneralMeeting held on 30th September 2016. The requirement for ratification ofappointment of Auditors by Members at each Annual General Meeting has been omitted as perSection 40 of the Companies (Amendment) Act 2017 (notified on May 7 2018).

With reference to the qualifications contained in the Auditors' Report the Directorswish to state that the Notes on Accounts and Significant Accounting Policies referred toby the Auditors in their Report are self-explanatory and hence do not call for any furthercomment.

COST AUDIT

In view of permanent closure of operations the Company had applied for exemption fromthe requirement of Cost Audit. Accordingly appointment of Cost Auditor is not envisaged.

Reporting of frauds:

There was no instance of fraud during the year under review which required theStatutory Auditors to report to the Audit Committee and /or Board under Section 143(12) ofthe Act and Rules framed thereunder.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 134(5) of the Companies Act 2013 the Directors of your Companydeclare as under:

(i) that in the preparation of the Annual Accounts the applicable Accounting Standardshad been followed along with proper explanation relating to material departures;

(ii) that the Directors had selected such Accounting Policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the State of Affairs of the Company at the end of theFinancial year and of the Profit of the Company for that period;

(iii) that the Directors had taken proper and sufficient care for the maintenance ofadequate Accounting Records in accordance with the provisions of the Companies Act 1956for safeguarding the Assets of the Company and for preventing and detecting fraud andother irregularities;

(iv) that in view of the permanent closure of the Manufacturing Operations of theCompany the Directors had not prepared the Annual Accounts on a going concern basis.

(v) that the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively;

(vi) that the Directors have devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

SUBSIDIARY COMPANIES

The Company does not have any Subsidiary Company.

EXTRACT OF THE ANNUAL RETURN

Pursuant to section 92(3) of the Companies Act 2013 and Rule 12(1) of the Companies(Management and Administration) Rules 2014 the Extract of the Annual Return of theCompany made up as at the end of the Financial Year i.e. 31st March 2020 is attached byway of Annexure - 1 in Form MGT-9 to this report.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act 2013 and Rules madethere under the Company had appointed M/s. Ranjeet Verma & Associates. PracticingCompany Secretary (FCS No. 6814 CP No.7463) of Vaishali (Ghaziabad) as SecretarialAuditors of the Company for the period from 1st April 2019 to 31stMarch 2020.

M/s. Ranjeet Verma & Associates have submitted their Secretarial Audit Report andhave issued their certificate as per the prescribed format in MR-3 to the shareholders ofthe Company which is annexed to this Report as Annexure -2. They have confirmed that theCompany has proper board processes a compliance mechanism in place and has also compliedwith the relevant statutes rules and regulations applicable to the Company. They havealso confirmed that the Company has complied with the necessary secretarial standards asapplicable.

For the Financial Year 2020-21 also Company has appointed M/s. Ranjeet Verma &Associates Vaishali (Ghaziabad) as Secretarial Auditors of the Company.

SIGNIFICANT & MATERIAL ORDERS PASSED BY THE REGULATORS

During the year under review there have been no significant and material orders passedby any regulators/courts/tribunals that could impact the Company's operations in futureexcept the pendency of litigation before the UP Government and High Court.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

During the period under review the Company has not made any loan to any third party asenvisaged under Section 186 of the Companies Act 2013.

The Company has not given any guarantee during the year. RELATED PARTY TRANSACTIONS

As required under Section 188 of the Companies Act 2013 and Regulation 23 of SEBI(Listing Obligations and Disclosures Requirements) Regulation 2015 the Company placesbefore the Audit Committee the list of related parties with whom arrangements have beenmade for sharing of expenses of maintaining of Office and transactions of loan etc. ifany. The Audit Committee accords its omnibus approval for such related party transactionson an annual basis. The updates on the transactions with the related parties are placedbefore the audit committee on a quarterly basis. The details are also placed before theBoard of Directors for its information.

As required under the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 the Company has formulated a policy on related party transactions andthe same was approved by the Audit Committee and the Board of Directors. The said policyhas been uploaded on Company's website www. modipon.net.

No related party transaction in the context of Section 188 of the Companies Act 2013and Regulation 23 of SEBI (Listing Obligations and Disclosures Requirements) Regulation2015 has been entered during the year under review. Pursuant to Clause (h) of sub-section(3) of Section 134 of the Act Form no. AOC-2 showing NIL details of related partytransactions for the Financial Year 2019-20 is enclosed as Annexure - 3.

FORMAL ANNUAL EVALUATION

As required under Section 134 (p) of the Companies Act 2013 read with Regulation 17and 19 and part D of Schedule II of SEBI (Listing Obligations and Disclosure Requirements)Regulations

2015 the Board of Directors approved the evaluation criteria as recommended by theNomination and Remuneration Committee for evaluating the performance of the Board ofDirectors its Committees and the performance of Independent Directors.

Accordingly as required under Schedule IV of the Companies Act 2013 read withRegulation 17 and 19 and part D of Schedule II of SEBI(Listing Obligations and DisclosureRequirements) Regulations 2015 the Independent Directors evaluated performance of thenon-independent Directors and the Board as a whole. They also reviewed the performance ofthe Chairman of the Company and also assessed the quality quantity and timelines of flowof information between the Company Management and the Board that was necessary for theBoard to effectively and reasonably perform their duties.

Also as required the Board assessed the performance of the Independent Directors asper the criteria laid down and have recommended their continuation on the Board of theCompany.

The Board of Directors assessed the performance of the individual Directors on theBoard based on parameters such as relevant experience and skills ability and willingnessto speak up focus on shareholder value creation governance standards knowledge ofbusiness processes and procedures followed openness of discussion/integrityrelationship with management impact on key management decisions etc. The members of theCommittee of Audit Nomination & Remuneration and Stakeholders Relationship were alsoassessed on the above parameters and also in the context of the Committee's effectivenessvis-a-vis the Act and the listing requirements.

Disclosure on confirmation with the Secretarial Standards:

Your Directors confirm that the Secretarial Standards issued by the Institute ofCompany Secretaries of India have been duly complied with.

CORPORATE GOVERNANCE

The Report on Corporate Governance together with the Statutory Auditors' Certificatethereon are annexed hereto and forms part of this Report. The Management Discussion andAnalysis Report are annexed hereto and forms part of this Report.

The Company has also adopted the mandatory policy on Sexual Harassment of Women atWorkplace (Prevention Prohibition & Redressal) Act 2013. Employees have beensensitized on the provisions of this enactment and the Company has also constituted aninternal complaints committee with effect from 28th May 2015 to deal withcomplaints if any under the said Act. There was no complaint received during the year toreport.

ADEQUACY OF INTERNAL CONTROLS

Your Company has in place adequate internal control systems combined with delegation ofpowers and periodic review of the process. The control system is also supported byinternal audits and management reviews with documented policies and procedures.

ISSUE OF SHARES

During the year under review the Company has not issued any Sweat equity shares orshares with differential rights or under Employee Stock Option Scheme nor did it buy-backany of its shares.

STATUTORY DISCLOSURES

None of the Directors are disqualified under the provisions of Section 164(2) of theCompanies Act 2013. The Directors have made the requisite disclosures as required underthe provisions of the Companies Act 2013.

APPRECIATION

Your Directors would like to express their sincere appreciation to the variousDepartments of the Central and State Governments UPSIDC's directors and Investors fortheir continued valuable support and assistance. Your Directors also wish to thank all theOfficers and Staff of the Company at all levels for their contribution support andcontinued co-operation throughout the year.

For and on behalf of the Board

Dated : 13th November 2020 (Manish Modi) (Aditee Modi)
Place : New Delhi Managing Director Director

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